Sudarshan Sukhani sees market in range, gives trading tips

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In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says, the market is entering a trading range. According to him, it is very difficult to trade, when the market is in a range. “The strategy is to buy on significant dips and sell on rise,” he asserts.

Sudarshan Sukhani sees market in range, gives trading tips

In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says, the market is entering a trading range. According to him, it is very difficult to trade, when the market is in a range. “The strategy is to buy on significant dips and sell on rise,” he asserts.

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Sudarshan Sukhani sees market in range, gives trading tips

In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says, the market is entering a trading range. According to him, it is very difficult to trade, when the market is in a range. “The strategy is to buy on significant dips and sell on rise,” he asserts.

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March is going to be a very important month for the market as major events like the Budget, RBI policy and UP elections results.

In an interview to CNBC-TV18, Sudarshan Sukhani of s2analytics.com says, the market is entering a trading range. "The market will decide the support and resistance levels for that range," he adds.

According to him, it is very difficult to trade, when the market is in a range. “Any significant dip should be bought into and a rally should be sold into. It is easier said than done, but that’s the way trading should be done intraday and for the swing trades,” he asserts.

Below is the edited transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee. Also watch the accompanying videos.

Q: What is your view on the market now?

A: I think we are entering a trading range. The market will decide the support and resistance levels for that range. But usually trading ranges are difficult to trade. So, the view is that any significant dip should be bought into and a rally should be sold into. It is easier said than done, but that’s the way trading should be done intraday and for the swing trades.

A: LIC Housing has been in an uptrend. It has been ranked outperformer in the financials and among the larger stocks. The pattern is very clear. It keeps on making these higher highs, higher lows. Rs 200 is now some kind of a base from which it has broken out.

I am assuming that this stock will make lifetime new highs soon enough. The pattern of high highs will take it above Rs 270 which is the target, but I think it will be exceeded. So, this is a position trade and something you won’t need to watch for today because follow through is quite possible on the day itself.

A: Yes. Apollo Tyres has completed its bear market. It is already in an ongoing bull trend. The stock corrected. After the correction, we have already seen very strong rallies. Those rallies should be built up on and again lifetime new highs should be coming soon enough.

This is a stock that’s probably going into three digits sooner or later. So, it is something that traders should watch carefully on an intraday basis and for taking positions.

Q:United Spirits lost some ground yesterday. Do you think it could fall a bit more today?

A: I think it will fall a bit more today. Eventually, it will reach Rs 450, its earlier lows again. That’s what my chart analysis suggests. We will find that out. But this is a stock that I think should be sold into every rally. This is not going up. I am fairly confident on that account. So, this is a short sell for today and also in the short sell list.